VGS and HGBL overlap by about 92%: owning both mostly doubles up. HGBL is cheaper (0.11% vs 0.18% a year), about $70 a year less on $100,000. VGS is the bigger fund ($18.7b vs $3.0b). Similar global companies, but HGBL hedges the currency, so its returns aren’t affected by moves in the Australian dollar. VGS is unhedged.
📅 As at 30 September 2026: fees, size, flows and returns from the TMX Australia funds report; overlap from published holdings as at 30 September 2026.
VGS
Vanguard MSCI Index International Shares ETFVGS invests in more than a thousand large companies across the world’s developed markets outside Australia, weighted by size. It is one of the most popular ways for Australians to own global shares.
HGBL
Betashares Global Shares Currency Hedged ETFHGBL invests in the same large and mid-sized developed-market companies as BGBL, with the currency hedged to Australian dollars.
VGS vs HGBL side by side
Green marks the cheaper, bigger or better-performing fund on each line. Past returns are not a reliable guide to the future.
| VGS | HGBL | |
|---|---|---|
| Issuer | Vanguard | Betashares |
| Index | MSCI World ex Australia Index | Solactive GBS Developed Markets ex Australia Large & Mid Cap Index (hedged into Australian dollars) |
| Fee (a year) | 0.18% | 0.11% |
| Size | $18.7b | $3.0b |
| Net money in, September | +$532m | +$135m |
| 1-year return | +10.1% | +17.4% |
| 5-year return | +75% | Not 5 years old |
| Listed | 2014 | 2023 |
| Top 10 holdings | 35% of fund | 34% of fund |
| Trend now | Base | Base |
How much do VGS and HGBL overlap?
About 92% of their holdings are the same, by weight: high overlap, so owning both mostly doubles up.
The biggest companies they both own
| Company | VGS | HGBL |
|---|---|---|
| Apple IncInformation Technology | 6.5% | 6.7% |
| NVIDIA CorpInformation Technology | 7.0% | 6.5% |
| Microsoft CorpInformation Technology | 4.8% | 5.2% |
| Alphabet (Google)Communication Services | 4.8% | 4.1% |
| Amazon.com IncConsumer Discretionary | 3.2% | 3.1% |
| Broadcom IncInformation Technology | 2.1% | 2.1% |
| Meta Platforms IncCommunication Services | 2.1% | 1.8% |
| Tesla IncConsumer Discretionary | 1.4% | 1.7% |
| Micron Technology IncInformation Technology | 1.6% | 1.3% |
| Eli Lilly & CoHealth Care | 1.2% | 1.6% |
Only in VGS
- No holdings above 0.5%: the differences are all small positions.
Only in HGBL
- Roper Technologies Inc 0.5%
Sectors and countries
Sectors
Countries
Trend: base, uptrend or downtrend?
Past year of prices, shaded by trend stage. The dashed line is the 200-day exponential average. As at 4 November 2026. How base and trend works.
VGS or HGBL: which suits who?
Where either fits depends on the rest of your portfolio: whether it’s your core or a satellite. See core and satellite investing and our full profiles of VGS and HGBL.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
VGS vs HGBL FAQs
Is VGS or HGBL better?
Neither is better for everyone. Similar global companies, but HGBL hedges the currency, so its returns aren’t affected by moves in the Australian dollar. VGS is unhedged. Choose VGS if you want unhedged exposure. A falling Australian dollar then boosts your returns, which often helps when markets fall. Choose HGBL if you want returns that follow the companies, not the currency, and you value HGBL’s lower fee.
What is the difference between VGS and HGBL?
VGS and HGBL overlap by about 92%: owning both mostly doubles up. HGBL is cheaper (0.11% vs 0.18% a year), about $70 a year less on $100,000. VGS is the bigger fund ($18.7b vs $3.0b). Similar global companies, but HGBL hedges the currency, so its returns aren’t affected by moves in the Australian dollar. VGS is unhedged.
Should I own both VGS and HGBL?
Usually there’s little point. With 92% overlap, owning both mostly doubles up on the same companies. Pick one.
Which is cheaper, VGS or HGBL?
HGBL is cheaper (0.11% vs 0.18% a year), about $70 a year less on $100,000. Fees are taken from the fund’s returns, not charged separately.
Fees, size, flows and returns: TMX Australia Funds Report to 30 September 2026; returns are total returns and the 5-year figure is cumulative. Overlap, sectors and countries are based on each fund’s published holdings, scaled to the part of each fund we can see. Trend stages are a technical indicator based on 10, 20, 50 and 200-day exponential moving averages; they describe the past, not the future. General information only, not a recommendation to buy or sell VGS or HGBL. Consider the PDS and TMD, and your own circumstances, before investing.